Describe the characteristics of a Monopoly from point of view of the following: (8 points)

a.Why does it exist?

b.What is the profit maximizing condition?

c.Why does it practice price discrimination?

d.What is meant by Arbitrage?

e.Why it's able to make profit in the long-run?

f.Explain how the monopolist chooses the quantity of output to produce and the price to charge, and state its profit maximizing condition